Can you write checks from an online savings account
No, you generally cannot write checks from an online savings account. These accounts are designed for saving and earning interest, not for everyday spending.
If you need to write checks, you’ll want to use a different kind of account instead.
That said, you’re not cut off from accessing funds in your savings. With transfers, cashier checks, and even ATM access (depending on the bank), you still have plenty of ways to use your funds.
Savings accounts are classified as non transaction accounts, meaning they are designed for saving rather than daily spending.
Banks encourage this behavior by paying interest on balances and typically do not offer checkbooks or debit cards for routine payments.
Takeaway: Keeping savings separate from spending helps you avoid dipping into money meant for future goals.
Legacy Federal Rules and Transaction Limits
For decades, Regulation D limited certain withdrawals from savings accounts to six per month.
Although the Federal Reserve removed this limit in 2020, many banks still enforce similar restrictions through their own policies. This helps maintain a clear separation between savings and spending accounts.
If writing checks is important to you, here are the types of accounts you should consider:
Checking Accounts
Checking accounts are the most common and flexible option. They allow you to write checks, use a debit card, and set up online bill pay.
Some checking accounts also earn interest, though rates are typically lower than those offered by savings accounts.
Money Market Accounts
Money market accounts combine features of both savings and checking. They often offer higher interest rates than standard checking accounts, and some allow limited check writing.
Be sure to review transaction limits, minimum balance requirements, and potential fees before opening an account.
Cash Management Accounts
Cash management accounts, or CMAs, are offered by investment firms and fintech companies.
They often include check writing privileges and debit cards, and can be a good option for managing larger balances.
However, they are less widely available than traditional checking or savings accounts and may have different protections or features.
Even though you cannot write a personal check directly from a savings account, you still have several ways to access your funds when needed:
Transfer to checking: Move money from your savings account into your checking account, then write a check or pay bills as usual.
Cashier's check: Request a bank issued cashier’s check that draws funds directly from your savings account. This is often used for larger or more secure payments.
Wire transfer: Send money electronically for large or time sensitive payments. Be aware that wire transfers often come with fees.
Payment apps and ATM access: Some online savings accounts, including Axos Bank’s Summit Savings, allow you to link to payment apps or withdraw cash directly using an ATM card.
Axos Summit Savings
The easiest way to earn more on your savings.
With Summit Savings, earn a competitive rate with no monthly fees, minimum balances, or opening deposits with up to $250,000 in FDIC coverage.
You can’t write checks from most savings accounts, and that’s by design. Savings accounts are there to help your money grow, while checking accounts are built for everyday spending.
By using both types of accounts for their intended purposes, you’ll have finances that can handle day-to-day spending and be future-focused for growth.